AU - AngloGold to move primary listing to NYSE speeding exit from South Africa

2023-05-12 06:57:31 ET

AngloGold Ashanti ( NYSE: AU ) said Friday it will move its primary listing to the New York Stock Exchange and make London its new world headquarters, marking its exit from South Africa.

South Africa and Ghana will become secondary listing, and the company will delist from the Australian Stock Exchange.

The miner has considered a new listing for years, but faced pressure from the South African government while it still had assets in the country, but it sold its last South African mine in 2020.

AngloGold ( AU ) said it expects a primary listing in the U.S. will create "enhanced access to pools of capital, including the opportunity to improve share liquidity" and will "facilitate greater performance and valuation comparisons" with more liquid and higher valued North American mining peers.

AngloGold ( AU ) also said Q1 gold production totaled 584K oz while adjusted EBITDA fell to $320M from $438M in the year-earlier quarter.

The company reaffirmed full-year guidance for production of 2.45M-2.61M oz with all-in sustaining cost of $1,405-$1,450/oz, and it expects production and costs will improve over the year's second half.

More on AngloGold Ashanti:

• Financial and valuation comparisons to sector peers
• Analysis: AngloGold Ashanti: Another High-Cost Year On Deck
• Stock price return: Up 32% YTD, up 55% in the past 12 months

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